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53.6% of Colchester Voters voted to leave the EU - What now for the 41,230 Colchester Landlords and Homeowners?

During the Brexit campaign the Chancellor suggested property prices would drop by 18%. Using Treasury estimates, their method of calculating this was tenuous at best, but focused around the abrupt and hasty increase in UK interest rates, which in turn would raise the cost of mortgages, and therefore lower demand for property, causing a drop in property prices over the next 12 to 18 months but the 18% figure was probably just campaign rhetoric.